The Supply And Demand Functions For A Good
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7) The supply and demand functions for a good are respectively QS = 2P – 4 and QD = 60 – 2P + 2I, with I representing income, P the market price, QS the quantity supplied, and QD the quantity demanded. a) If I = 18, determine i) The equilibrium price; ii) The equilibrium quantity. b) Suppose the income increases to I = 22. Determine i) The quantity demanded at the initial equilibrium price; ii) The equilibrium price; iii) The equilibrium quantity.
10) The supply and demand functions for a good are respectively QS = P – 16 and QD = 14 –P, with P representing the market price, QS the quantity supplied, and QD the quantity demanded. Determine the quantity traded in the market.
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